[afp14]

I think that's the problem, there aren't hard and fast definitions. I think "economic depression" is an unsettling word, so it keeps switching to "recession" or "slowdown" in the same way that what was once a "moron" or "mongoloid" has become "intellectual disability". I think the powers that be worry that if they announce "we're in a depression right now" it could be a self-fulfilling prophecy to a degree. And eventually, one day if not already, they'll be equally hesitant to use the word "recession" at all.

As far as a bubble, yes, it's the evaporation of a huge amount of money. 1929 stock market crash -> all that market cap was lost. In the 2008 crash, home values crashed thus losing a vast amount of hypothetical worth. We were/are/will see a similar real estate crash in the corporate/office sector since the value of these rental units has plummeted post-covid-work-from-home.